Bakers Footwear files for bankruptcy
04/10/2012
The company listed assets of $41.9 million and debt of $59.5 million as of April 28 in Chapter 11 documents filed at the US Bankruptcy Court.
Bakers said in August that that it would close up to 25 stores, sell leases and other assets for as many as 52 more to Aldo for $6.4 million, and terminate its licence for H by Halston.
The company expects to raise as much as $8 million through liquidation sales and reduce expenses by as much as $7 million a year.
“The plan will streamline the company’s operations to focus solely on its Bakers brand,” it said.
The company delayed filing its financial report for the quarter ending July 28. Sales in the period fell 11% from a year earlier, with same-store sales dropping 7.5%.
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